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IMF lifts global growth forecast to 3.5%

dpa logodpa 18/04/2017

IMF foresees the global economy accelerating to 3.5 per cent growth this year.

The world economy will expand this year by 3.5 per cent, the International Monetary Fund has said, raising its forecast by 0.1 percentage points from the last update in January.

Global growth was a tepid 3.1 per cent last year.

The IMF kept its forecast for 2018 at 3.6 per cent in Tuesday's update to the World Economic Outlook, which the Washington-based crisis lender updates quarterly.

"Momentum in the global economy has been building since the middle of last year," IMF chief economist Maurice Obstfeld said.

"Acceleration will be broad based across advanced, emerging, and low-income economies, building on gains we have seen in both manufacturing and trade."

Commodity prices have recovered since bottoming out a year ago, relieving global deflationary pressure, the report said.

The World Economic Outlook described financial markets as "buoyant" amid expectations of further stimulus in China, along with fiscal expansion in the United States.

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